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MyAutoloan Car Loans: 2018 Review

Feb. 13, 2018
Auto Loans, Loans
NerdWallet adheres to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from partners. Here’s how we make money.
We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.
3.5 NerdWallet rating

Good for: average credit borrowers, getting quotes from multiple lenders

MyAutoloan solicits offers from numerous lenders on your behalf. It matches borrowers to a wide range of auto loans, including new and used car dealer purchase loans, private party purchase loans, refinance loans and lease buyout loans.
MyAutoLoan

MyAutoLoan is a good fit for those who:

  • Want to see multiple loan offers after filling out only one loan application.
  • Have average credit scores. Shopping around for the best rate is especially important if you don’t have good credit.
  • Are serious auto loan shoppers who don’t mind a hard credit pull or the possibility of being contacted by multiple companies.

MyAutoloan at a glance

Purchase loansRefinance loans
APR*1.99% - 24.9%1.84% - 29.4%
Loan amounts$7,500 - $100,000
Min requirementsCredit score: 500
Income: $1,100/month
Hard credit check with application?Yes
AvailabilityAll states except Alaska and Hawaii
*APR is used to evaluate the true cost of borrowing money and includes the interest rate.

MyAutoLoan review details

When you apply to myAutoloan, the company presents your loan application to as many as 20 lenders, promising “up to four offers in minutes.” Greg Thibodeau, myAutoloan CEO, says this allows applicants to quickly spot “the outlier” — a lender that offers a substantially lower interest rate.

While casting a wide net with your application can help you find the most competitive rate, having your information shared with a large number of lenders means you could be contacted by dealers and lenders trying to get your business.

Also note that myAutoloan requires a hard credit pull, which slightly lowers your credit score. The partner lenders will also do their own hard pull before approving an application, but credit bureaus typically group multiple car-loan requests and treat them as a single inquiry when done in a short period. This means it’s best for people who definitely want a loan, rather than those casually comparing rates.

Car loan rates

The best rates offered by myAutoloan 1.99% for purchase loans and 1.84% for refinance loans will only be available if you have very good credit. Lenders can set their own requirements, but excellent credit is generally considered 720 or better, while 690 to 719 is good. The average score of myAutoloan customers is 628 for purchase loans and 602 for refinance loans.

Keep in mind that with average or below-average credit you won’t get the lowest interest rates, which means your monthly payment and total interest paid will be more. If you know your credit score, you can get an idea of the rate you might qualify for.

Applying to myautoloan

  • Loan offers good for up to 30 days; applicants are not obligated to accept
  • Co-signers allowed
  • No application fee; late payment fees vary by lender
  • Funding methods vary by lender

RESTRICTIONS

  • Maximum vehicle age: 10 years
  • Maximum vehicle mileage: 125,000 miles; 120,000 for private party loans
  • Loan terms: 24 to 84 months (NerdWallet doesn’t recommend loans over 60 months)
  • Vehicle restrictions and requirements vary by lender
  • Not available in Hawaii or Alaska

How myAutoloan compares

Unlike direct-to-consumer online lenders we’ve reviewed, such as LightStream and SpringboardAuto.com, myAutoloan provides applicants with multiple offers from its network of lenders. The table below shows how myAutoloan compares to other lenders. 


CompanyMin credit scoreMin monthly incomeAPRsHard pull?Get started
MyAutoloan
3.5 NerdWallet rating
500$1,1001.99% - 24.9% Yes
CarFinance.com
3.5 NerdWallet rating
525None7.99% - 14.99% Yes
Consumers Credit Union
3.0 NerdWallet rating
640$500; $2,000 preferred2.49% - 21.99%Yes
LightStream
5.0 NerdWallet rating
660None3.34% - 8.34%***Yes
Capital One
4.0 NerdWallet rating
500$1,500 - $1,800As low as 3.99%*No
SpringboardAuto
3.0 NerdWallet rating
500$2,0005% and up**No
*For excellent credit **Max varies by state ***With autopay discount


CompanyMin credit score, monthly incomeGet started
MyAutoloan
3.5 NerdWallet rating
500

$1,100
CarFinance.com
3.5 NerdWallet rating
525

None
Consumers Credit Union
3.0 NerdWallet rating
640

$500; $2,000 preferred
LightStream
5.0 NerdWallet rating
660

None
Capital One
4.0 NerdWallet rating
500

$1,500 - $1,800
SpringboardAuto
3.0 NerdWallet rating
500

$2,000

More from myAutoloan

MyAutoloan offers a number of additional products, features and services to assist borrowers. The website has free auto financing resources, including a loan and payment calculator, a rate estimator, a downloadable report on improving your credit, a glossary of financial terms and loan-oriented articles. You can also get quotes for auto insurance from myAutoloan partners and find other car-buying resources.

Shopping for an auto loan

 

More from NerdWallet

See more car loan providers
See more auto loan refinance options
See if auto loan refinancing is right for you


AUto Loans Ratings METHODOLOGY

NerdWallet’s auto loans ratings reward lenders offering the most transparency and consumer-friendly features. Ratings are based on weighted averages of several categories, including flexibility of loan options, clarity of borrower requirements, accessibility, speed of funding and fees. Using our editorial discretion, we also consider consumer reviews and complaints. These ratings are a guide, but we encourage you to shop around to find the lowest interest rate you can qualify for. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.

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